City sets hearing date; will serve as conduit for DSU Foundation Bonds

The Madison City Commission on Monday passed a Resolution to set a hearing date on bonds for the DSU Athletic Events Center. The DSU Foundation has hired Meierhenry Sargent LLP as a bond council, to help finance improvements to the Athletics Events Center. The Foundation is eligible for economic development bonds, but as a non-profit organization, they must have a hearing through a government entity. 

Todd Meierhenry , from Meierhenry Sargent, explained what the city’s role would be in this case. 

Meierhenry said that, while the city serves as the conduit for the bonds, they are not allowed to pledge any money to them. 

City Administrator Jameson Berreth asked if the city would have any responsibility through the life of the bonds. Meierhenry said only the party that buys the bonds and the DSU Foundation would be responsible for them. 

The Commission set a hearing date for the bonds of June 17th.